CVS Caremark, the owner of CVS pharmacies,has just changed its name, and while only one word has changed we think it could signal a profound transformation for the business.
Here’s why we think this subtle one-word change is something big:
- CVS Health is a much more human and approachable name than CVS Caremark. ‘Caremark’ sounds like the corporate villain in a sci-fi movie, doesn’t it?
- Health is a much more compelling idea than prescriptions (which the previous identity communicated quite effectively). Whereas prescriptions are generally dreaded and reactive, health is about being positive and proactive.
- Health is a much, MUCH bigger idea than prescriptions. As well as signaling a new attitude, being a ‘health’ company rather than just a chain of pharmacies opens up a universe of business possibilities.
But, the CVS name change will only live up to its promise if the company effects that change from the inside out.
‘Health’ has the potential to shape the way CVS employees think about the company, their jobs and their actions. It can define the way staff approach customers. It can expand the way managers think about the business and its opportunities.
It can do these things IF the company thinks about this as more than a classic re-branding exercise. They need to consider how this name and brand change can change their internal culture. That’s how they can turn a single new word into a singularly powerful idea and use it to bring about meaningful internal and external change.